Get a Loan of up to ₹2 Lakh with Aadhaar Card: Quick Process Explained

New Delhi (The Uttam Hindu): Aadhaar Card has become an essential document for Indian citizens, necessary for opening bank accounts, obtaining PAN cards and securing employment in both government and private sectors. Moreover, you can now use your Aadhaar Card to avail a loan of up to ₹2 lakh.

Benefits of Taking a Loan with Aadhaar Card

The Aadhaar Card simplifies the loan application process by serving as both identity and address proof. It allows you to apply for personal loans for purposes like travel, marriage, medical emergencies, education, and loan consolidation.

Why Choose Aadhaar-Based Loans?

1.No Collateral Required: Loans taken with Aadhaar Card are unsecured, meaning you don’t need to pledge any assets as security.

2.Minimal Documentation: Aadhaar-based loans eliminate the need for multiple documents like income proof, address proof, and identity proof.

3.Digital Process: The entire process is online, ensuring quicker approvals and eliminating manual intervention.

4.Accessibility: Individuals with limited financial documents can easily apply for loans using Aadhaar, even if they don’t have a regular income source.

Who Can Apply?

To apply for a loan, you need to submit a few basic documents, such as:

1.PAN Card

2.Bank account statements for the last 3-6 months

3.Income proof for salaried individuals

4.Income Tax Returns (ITR) for self-employed individuals

How to Apply for an Aadhaar-Based Loan

1.Online Application: Visit the official website or mobile app of the lender (bank or NBFC).

2.Check Eligibility: Review the eligibility criteria and use the lender’s eligibility calculator.

3.Upload Documents: Submit documents like your Aadhaar Card, PAN Card, and income proof for verification.

4.Approval and Disbursement: Once your documents are verified and OTP authentication is complete, the loan will be approved and disbursed.

Interest Rates and Additional Charges

Interest rates for personal loans depend on factors like credit score, income, and credit history. It is advisable to compare rates from multiple lenders before making a decision. Some banks may also charge processing fees.

An Aadhaar-based loan is a quick and convenient financial option that helps meet your urgent financial needs with minimal hassle.